Metinvest Pokrovskugol, which manages operational and administrative changes at the enterprises of Metinvest’s Pokrovsk Coal Group, intends to purchase a mining harvester from Corum Group, a machine-building company that is part of DTEK Energy.
According to the company, even in the conditions of war, Metinvest Pokrovskugol has an investment program in place, thanks to which the technical capabilities of the enterprise are gradually improving.
“We plan to purchase this year a mining harvester KDK500 produced by Corum Group plant. According to the characteristics, it is capable of “slicing” up to 24 tons of coal per minute. It will start its work at the beginning of the next year and the first task for the combine will be to work the first southern face of block 11,” – stated in the press release.
In addition, it is reported that new longwall and under-floor conveyors of T Machinery company have already been purchased, which will be installed in the sixth longwall of the southern face of Block 11 in the nearest future. The number of Chinese-made SANYI EBZ-260 roadheaders at Pokrovskoye will increase by the end of the year, and it is noted that the first roadheader of this brand has proven itself in production conditions.
The company also expects the return of one of JOY harvesters: now it is being reconditioned at the manufacturing plant in Poland.
In other information, Metinvest Pokrovskugol has used more than 16 thousand cubic meters of concrete and 2 thousand tons of rolled metal, and 34 thousand square meters of roads have been laid in preparation of block 11. Upon completion of construction, two thousand miners will work at the block every day – the final commissioning of the block is planned for 2025.
According to the company’s data, the Pokrovskoye mine has already produced almost 3.5 million tons of coal this year.
During his visit to the enterprise, Metinvest CEO Yuriy Ryzhenkov noted that the results shown by Metinvest Pokrovsk Coal’s teams are worthy of respect.
“It is very important that our employees and soldiers defend the country with weapons in their hands. But no less important are those who hold the economic front, give the country an opportunity to function, to build up its strength. Today, almost every of our defenders has a particle of Pokrovsk coal, because it was used to make the steel, which is on armored vests, on mobile shelters and much more,” – stressed the top manager, quoted by the press service.
“Metinvest created the company Metinvest Pokrovskugol, which manages operational and administrative changes at the enterprises of the Pokrovsk Coal Group (PCG). The company includes, among others, the Pokrovskoye mine department and the Svyato-Varvara coal preparation plant.
Svyato-Varvara coal preparation plant is a premium coal concentrate producer in Ukraine. The production capacity of the plant is about 8 million tons of raw coking coal per year with the ability to process five different classes of coal.
Pokrovskoye (formerly Krasnoarmeyskaya-Zapadnaya No. 1) is Ukraine’s largest coking coal producer.
The main shareholders of Metinvest B.V. are SCM Group (71.24%) and Smart Holding Group (23.76%), which jointly manage the company.
Metinvest Holding LLC is the management company of Metinvest Group.
Payment system operators Visa Inc. and Mastercard Inc. plan to increase the fees charged to retailers when their customers pay for purchases with bank cards, Bloomberg reports, citing documents in its possession.
Visa’s fee hike for online transactions will start in October and will affect credit, debit and prepaid cards in April. In the case of Mastercard, the increase will also start in October.
Industry consulting firm CMSPI estimates that the annual amount of fees paid by retailers could increase by more than $500 million as a result.
Although the fees are set by Visa and Mastercard, the bulk of the fees are collected by the banks that issue the cards. While the fees are small, retailers’ costs to pay them have risen in recent years as more shoppers use credit cards, which carry higher fees than debit cards.
Retailers shift at least some of these costs to consumers by raising prices. Small businesses often offer discounts to customers who pay with debit cards or cash.
IMK Agro Holding has received a record average winter wheat yield of 7.1 tons/ha, which is the highest result for 25 years of the firm’s activity, IMK CEO Alex Lissitsa said.
“This year winter wheat in IMK was harvested from an area of 33.3 thousand hectares, 236 thousand tons of grain was threshed, the average yield was a record 7.1 tons/ha in the history of the company,” he wrote on Facebook.
He added that the threshing of wheat was completed on August 24, and thanked the team for the high performance.
“IMK” specializes in the cultivation of cereals, oilseeds and milk production in Ukraine. It cultivates about 123.3 thousand hectares of land in Poltava, Chernihiv and Sumy regions. It owns storage facilities for 554 thousand tons of grain and oilseeds.
In January-March 2023, IMK Agroholding posted a net loss of $4.10 mln, which is 2.6 times less than in the same period last year and is largely due to increased logistics and distribution costs. The holding’s revenue increased by 11% to $41.96 mln, of which exports accounted for $35.03 mln. IMK’s gross profit increased 3.9 times to $8.60 mln thanks to a decrease in production costs. Due to a doubling of logistics and distribution costs (to $9.40 mln), the company recorded an operating loss of $2.85 mln, which is twice as much as in the first quarter of 2022.
Head of the Office of the President of Ukraine Andriy Yermak discussed with diplomats the implementation of Ukraine’s Peace Formula, the press service of the Office of the President has said.
More than 70 representatives of foreign states took part on the seventh meeting on the issue dedicated to the Food Security item of the formula that took place in the territory of a bread company in Kyiv region. The enterprise was hit by one of Russia’s missile attacks last year.
Yermak said that in Africa alone 32 countries depend on Ukrainian grain export. He thanked the partners for ensuring the operation of the grain corridor in the Black Sea and for their support for the Grain from Ukraine humanitarian initiative proposed by President of Ukraine Volodymyr Zelenskyy, which is aimed at delivering grain to the most vulnerable African countries.
“We understand how important it is to help people on other countries that also suffer from the war and the same aggressor as the citizens of Ukraine,” Yermak said.
He thanked the foreign diplomats for their active involvement in the working groups on each of the items of the Peace Formula. Yermak recalled that the working groups are preparing the framework documents on each item of the formula that will contain detailed steps for the restoration of fair and sustainable peace in Ukraine and will be universal for any country.
According to Yermak, joint developments of the working groups will be used as a basis for the upcoming third meeting at the level of national security advisors. The decisions developed during these consultations will be submitted for consideration to the heads of states and governments at the Global Peace Summit.
Metinvest mining and metallurgical group will invest in a logistics center in Poland in order to increase the supply of Ukrainian metal products for export, the company’s CEO Yuriy Ryzhenkov said in an interview with the leading Polish business publication Business Insider.
According to him, Zaporizhstal and Kamet Steel are currently operating at 65-70% and 75% of their capacity, respectively. About 25% of products are sold on the domestic market, the rest goes mainly to the EU. At the same time, steel is sold mainly in neighboring countries, such as Poland, Slovakia, the Czech Republic, Romania, and Bulgaria.
The company also sells metal products to Italy, Germany or France.
“Steel mills can hardly complain about the low level of sales, but iron ore enterprises were less fortunate. Here, in addition to domestic consumption, China was also a buyer. However, in the current situation, exports there are practically impossible, since the Black Sea ports are blocked, therefore, the border countries of the EU also remain buyers here. Iron ore enterprises now use about 35-40% of their capacity. We tried to send raw materials to China through Romanian and Polish ports. However, unfortunately, the economy of this logistics simply does not work in the current market,” the top manager said.
He noted that at the same time, the coal production of the company in Ukraine operates at 100% capacity. The mined coal is supplied to the group’s coking enterprises in Ukraine, and is also sold on the local market. The rest is sold abroad, mainly in Slovakia and Poland.
“In 2022, our steel production decreased by 69% compared to last year. This affected a number of financial indicators. For example, our profit in 2022 is 54% less than last year,” the CEO said.
He also stated that Metinvest’s strategy has not changed – the company wanted to connect Ukraine and Ukrainian iron ore with the European steel production chain. Therefore, the group continues to look for opportunities to acquire assets that would allow it to use the Ukrainian raw material base, produce products in the EU and supply them to European consumers.
The National Bank of Ukraine (NBU) has revoked the licenses of Financial Company No. 1 LLC, which ranked 97th in terms of market revenue in the first half of this year.
“The said financial company does not comply with the legal requirements for maintaining the minimum amount of equity capital. This negatively affects its real and potential financial capabilities, in particular, the level of liquidity, solvency, financial stability, and working capital (equity),” the regulator explained its actions on its website.
According to the NBU, the decision was made by the Committee for Supervision and Regulation of Non-Banking Financial Services Markets on August 28 and came into force on August 29.
According to the NBU, Financial Company No. 1 finished the first half of this year with revenues of UAH 14.9 million and a net loss of UAH 7.96 million.
In terms of labor costs (UAH 1.23 million), FC “No. 1” was 87th in the market in the first half of the year, and 403rd in terms of assets (UAH 15.1 million).
According to OpenDataBot, Financial Company No. 1 LLC was founded in August 2013 by Andriy Stepanenko, co-owner of four IT-related companies (IT Nonstop, Finayti, IT Finance, 24. IT) with a registered capital of UAH 8 million.
